CapMan sells Babes on the Bus maker

Pan-Nordic TV production group Nice Entertainment Group has seen its revenues increase six-fold under CapMan's ownership.

CapMan has sold its majority share in Nice Entertainment Group, a pan-Nordic TV production group, to Swedish broadcaster Modern Times Group.

Nice was founded in 2008, when CapMan acquired Finnish production company Moskito Television from Talentum Plc. CapMan said the group’s turnover had grown from €20 million to around €121 million during its ownership, thanks largely to a series of mergers and acquisitions in Norway, Sweden and Denmark.

Nice provides services to all of the major TV broadcasters in the Nordic region. Its group companies produce more than 100 program formats annually, including Partaj in Sweden and the series Hidden Tracks in Finland. Its Norwegian format Babes on the Bus – where a group of single women are driven around the countryside in a bus, as villagers try to woo them into staying – has already aired in six countries, with option rights sold worldwide. 

“In the past five years, Nice has grown from a local Finnish player into a leading Nordic content producer,” Olli Liitola and Ari Tolppanen, senior partners at CapMan Buyout, said in a statement. They also praised the “international potential” of Nice, and its “positive organisational culture, which is a precondition for successful growth”.

CapMan Buyout has been active since 1989, investing in controlling positions in unlisted Nordic mid-market companies with typical net sales of €50 million to €500 million. It has made more than 70 investments, 50 of which have been exited, with a combined IRR of 34.6 percent. Nice represents its second divestment this month, following the sale of Curato AS, a provider of medical imaging services in Norway, to Nordic buyout firm Altor.